Boil ada by putting it in 2 to 3 cup boiling water. Keep it covered for 30 minutes. Drain water completely.
Heat butter in a pan and fry ada to a light pink colour. Keep it aside.
Boil milk and water in a thick bottom pan. Add boiled ada and reduce heat to low medium while stirring all the time. Keep stirring till milk is reduced by 2/3rd. It takes about 1-½ hours to prepare the dish and now, the color of pradaman should be of pink color. Add condensed milk and cook for 5-10 minutes more. Add sugar and mix it well. Remove from flame.